Daily Market Outlook for 05.09.2013

EURUSD

The single currency shows no significant changes compared to the previous sessions, with near-term price action being under pressure, as failure to sustain recovery above 1.32 handle, pushed the price lower. Hourly studies are losing traction, while 4-hour indicators hold in the negative territory that keeps the downside vulnerable. However, holding above 200DMA at 1.3140 zone, would keep hopes of fresh recovery attempt in play. Loss of the latter is expected to commence fresh leg lower and open 1.3100, 50% retracement of 1.2754/1.3450 and 1.3050, 16/07 low. Immediate resistance lay at 1.3200/17, while only extension above 1.3250/60 zone would provide relief.

Res: 1.3172; 1.3200; 1.3236; 1.3266

Sup: 1.3156; 1.3136; 1.3100; 1.3066

EURJPY

The cross maintains positive near-term tone, as the price broke higher, following brief 131.46/130.63 congestion. Fresh high was posted at 131.80, just ahead of 132.00, trendline resistance, clearance of which to signal completion of bullish pennant and open next static resistances at 132.41/72, 23/08 / 24/07 peaks. Near-term technicals are positive and support further gains. Initial support and previous range top at 131.46, holds for now, with next supports laying at 131.25, 55DMA; 130.84, Fibonacci 61.8% of 129.28/131.80 and key near-term support at 130.63, consolidation range floor, also near 50% retracement, loss of which would sideline near-term bulls.

Res: 131.80; 132.00; 132.41; 132.72

Sup: 131.46; 131.25; 131.00; 130.63

GBPUSD

Cable holds positive near-term tone, as fresh gains through 1.5600 barrier, posted new high at 1.5646, 76.4% retracement of 1.5716/1.5427 downleg. This marks the last barrier on the way towards 1.5716, 21/08 peak / Fibonacci 100% expansion of the wave from 1.5100, above which to expose key barrier at 1.5751, 17/06 high. Positive near-term studies support the notion, with corrective dips being so far contained at 1.56 support. Next support levels lay at 1.5575/53, Fibonacci 38.2% and 50% of 1.5461/1.5646, with extension below, seen as a trigger for fresh bears.

Res: 1.5646; 1.5700; 1.5716; 1.5751

Sup: 1.5595; 1.5575; 1.5553; 1.5531

USDJPY

The pair maintains positive tone, as the price comes tick away from psychological barrier at 100 yen. Break here to resume larger rally from 96.80 higher low and expose barriers at 100.44 and 100.85. However, further hesitation at 100 barrier, cannot be ruled out, with immediate support at 99.50, 55DMA, ahead of 99.15/00 zone, below which to allow for deeper pullback.

Res: 100.00; 100.44; 100.85; 101.00

Sup: 99.50; 99.15; 99.00; 98.50

AUDUSD

The pair continues to trend higher on a near-term recovery rally off 0.8890 double-bottom, with fresh high being posted at 0.9187. The price penetrated into daily cloud, with near-term targets and key barriers at 0.9220/32, coming in focus. Positive technicals remain supportive, however, overbought conditions on lower timeframes, signal corrective pullback. Initial support lies at 0.9100, round figure support, ahead of previous high at 0.9068, also near 38.2% retracement of 0.8890/0.9187 upleg, where dips should be ideally contained, to keep immediate bulls in play.

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